Are you a co-owner of a property looking to sell the property, but the other owners does not want to sell? The Court can order the sale of a property held by co-owners.
KEY TAKE OUTS:
- Disputes between co-owners of a property will usually arise when one of the owners wants to sell the property, but the other does not.
- A co-owner can turn to section 66G of the Conveyancing Act 1919 (NSW) which has the power of forcing the sale of the property.
When a property is held by co-owners a dispute may arise over the sale of the property, where one of the owners wants to sell the property, but the other does not. Fortunately, co-owners can turn to section 66G of the Conveyancing Act 1919 (NSW) which essentially has the power of forcing the sale of the property.
The power of section 66G of the Conveyancing Act
Section 66G of the Conveyancing Act allows the Supreme Court of NSW to appoint a Trustee who is given the legal power to sell the property for the best possible price. Once the property is sold, the proceeds from the sale are distributed to the owners of the property in accordance with their interest in property or as set out in any Court orders.
As a general rule, a co-owner is entitled to an order for the sale of the property under section 66G and it is only in limited circumstances that the Court will refuse to make such an order. For example, where there is evidence that there was a prior contractual agreement between the co-owners which would be inconsistent with an order for the sale of the property.
How can you avoid going to court?
Co-owners of a property should first try to negotiate with each other or use alternative dispute resolution methods such as mediation to try and resolve the dispute prior to going to court.
If you are a co-owner of a property and would like further information regarding the sale of a property, please contact our commercial and dispute resolution team.
For further information please don’t hesitate to contact:
This news is merely general and non specific information on the subject matter and is not and should not be considered or relied on as legal advice. Coutts is not responsible for any cost, expense, loss or liability whatsoever in relation to this information, including all or any reliance on this as a blog or use or application of this blog by you.